MassDevelopment Loans to Help Remediate Everett Brownfields Site, Renovate Building for “Green” Fuel Company
September 29, 2010
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
MassDevelopment has provided a $385,000 real estate loan and a $365,000 Brownfield Remediation Loan to Springwood Realty Trust, which will cleanup a brownfields site and renovate a building at 108-114 Spring Street in Everett. Boston Green Fuel Company, an affiliated company that recycles waste oils into â€œgreenâ€ lubricants, will occupy the building once renovations are complete. The project is expected to create 25 jobs.
â€œThis project is truly transformational,â€ said MassDevelopment President and CEO Robert L. Culver. â€œIt cleans up a brownfields site, hosts a green biofuels company, and supports economic development by creating 25 jobs at the site. We're pleased Springwood Realty Trust makes both green and business developments priorities in Everett.â€
Boston Green Fuel Company collects, recycles, and repackages waste oils, antifreeze, and other automotive fluids. The company ships these fluids to a re-refinery â€“ a facility designed to provide another step in the process of refining and recycling the used oil â€“ which will reprocess them into clean oils. Boston Green Fuel can then distribute these fluids as environmentally-friendly lubricants.
The site's prior owner restricted its use to industrial purposes, but did not remove enough contamination to properly complete the cleanup. Springwood Realty Trust will use the Brownfield Loan to remove the remaining contamination and install a cap to ensure compliance with Massachusetts Department of Environmental Protection regulations.
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy.